Core Viewpoint - The company, Ruina Intelligent, plans to invest approximately 169.9 million yuan to establish a modern intelligent and efficient heat pump R&D and production base in Changfeng County, Hefei, Anhui, focusing on key component manufacturing, complete machine assembly, and technology demonstration [1] Group 1 - The project aims to achieve an annual production capacity of about 9,135 units of intelligent and efficient heat pump units, particularly targeting breakthroughs in critical technologies such as high-power magnetic levitation compressors [1] - The initiative aligns with national "dual carbon" goals and clean heating policies, indicating a strategic move towards clean energy equipment manufacturing [1] - The project is seen as a key strategic measure for the company to convert its technological reserves into market advantages, driving future growth [1]

Core Viewpoint - The Shanghai Stock Exchange has issued detailed feedback on the listing application for the "AVIC Nuclear Group Energy Closed-End Infrastructure REIT," focusing on the sustainability of cash flows from underlying assets, which is crucial for infrastructure REITs [1] Group 1: Feedback Focus Areas - The feedback highlights concerns regarding the generation capacity and stability of the underlying wind power projects, noting a trend of declining output and increasing curtailment rates, which could impact future cash flows [2] - The exchange is particularly focused on the resilience of project revenues amid declining market electricity prices and the expiration of national subsidies, questioning whether the valuation models adequately reflect these policy changes [3] - There are inquiries about historical cost fluctuations and future operational expense forecasts, emphasizing the need for clarity on the necessity and efficiency of the complex three-tier operational management structure [3] Group 2: Market Implications - The feedback signals a shift in the REITs review process from macro narratives to micro validations, providing investors with more detailed operational data to make informed value judgments [4] - The unique risk profile of renewable energy infrastructure is highlighted, including policy risks, physical risks, structural risks, and management risks, which investors need to consider [4] - As the public REITs market continues to expand, establishing a multi-dimensional risk assessment framework is becoming increasingly urgent for investors [5] Group 3: Investment Considerations - Investors are advised to focus on verifying the authenticity of underlying asset ownership, assessment reports, and cash flow data, while also evaluating the REITs management experience and risk control systems [5] - The concept of a "safety cushion" is emphasized, which includes operational hedging mechanisms and clear governance structures to ensure asset independence and stable operations [6] - The wind power public REITs market is projected to grow significantly, with expectations of reaching a market size of over 50 billion by 2028, driven by the demand for revitalizing existing wind power assets [6][7] Group 4: Future Outlook - The wind power public REITs are positioned to benefit from supportive policies, industry upgrades, and capital influx, creating a substantial market opportunity [8] - Investors are encouraged to adopt a scientific evaluation system focusing on asset quality, operational capability, valuation levels, and policy adaptability to identify quality investment targets [8] - The long-term growth potential of wind power public REITs aligns with the green transition trend, making them a vital link between the green industry and capital markets [8]

Core Insights - In 2025, Zhongjin Lingnan reported a total operating revenue of 48.505 billion yuan, a year-on-year increase of 11.81%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% year-on-year, while also aiming to reduce costs and increase efficiency by approximately 200 million yuan for the year [1] - The company is undergoing a strategic transformation, focusing on enhancing quality and efficiency, and aims to lead in the comprehensive recycling of rare metals and the industrialization of new materials [1][4] Resource Security - The company emphasizes the importance of securing strategic mineral resources as a political responsibility and a foundation for survival and development, especially given the increasing global competition for resources [1] - Zhongjin Lingnan is actively working on domestic resource expansion and overseas diversification, with projects like the Fan口 lead-zinc mine resource integration and the expansion of the Guangxi mining project [3] New Materials Industry - The new materials industry is identified as a core engine for value enhancement, with a focus on transitioning from raw material sales to material production and solution provision [9] - Zhongjin Lingnan's subsidiary, Zhongjin Technology, has developed zinc-based battery storage materials that have entered the European and American supply chains, and is a leading supplier of mercury-free zinc alloy batteries in China [9][10] Innovation and R&D - The company has established a robust innovation system with 15 provincial-level R&D platforms and has signed 24 research projects with universities, resulting in 78 authorized patents in 2025 [10] - Zhongjin Lingnan aims to grow its new materials sector significantly by 2030, targeting over 10 billion yuan in revenue and focusing on high-end market breakthroughs [10] Green and Intelligent Development - The company has integrated carbon neutrality goals into its development strategy, aiming to peak carbon emissions by 2030 and implementing various low-carbon technologies [12] - Zhongjin Lingnan is advancing smart mining technologies, including autonomous systems for underground transport and intelligent production management [12] Reform and Talent Development - The company is implementing deep reforms, including competitive job placements and salary reforms, to enhance internal vitality [13] - Zhongjin Lingnan has introduced a talent development plan, recruiting industry experts and focusing on skill training, with several employees recognized for their excellence [13][14]

Group 1 - The A-share market saw a collective rise in major indices, with the Shanghai Composite Index closing at 4120.43 points, driven by a recovery in market sentiment and strong performance in the microgrid sector [1] - Fenglong Co., Ltd. experienced a "limit-up" for the 11th time since December 17, 2025, due to news of a proposed acquisition of approximately 43% of its shares by humanoid robot company UBTECH, as well as the overall rise in the new infrastructure sector [1] - The core logic supporting the strength of the microgrid sector is the recent favorable policies, including the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)" issued by five departments, which aim to promote green electricity applications in the industrial sector [1] Group 2 - The global microgrid market is projected to reach approximately $22.9 billion in 2024, with a compound annual growth rate (CAGR) of about 19.2% from 2025 to 2034 [3] - In China, investment in grid construction reached 560.4 billion yuan from January to November 2025, marking a year-on-year increase of 5.9%, indicating a continuous rise in grid investment [3] - Approximately 40 companies have disclosed their involvement in microgrid-related businesses in the past six months, primarily within the power equipment industry [3] Group 3 - Analysts suggest that the continuous rise of Fenglong Co., Ltd. reflects market sentiment and expectations of mergers and acquisitions, while cautioning investors about short-term speculative risks [4] - The construction of microgrids is entering a phase of accelerated policy implementation, and companies with integrated capabilities in "source-network-load-storage" are expected to benefit significantly from the advancement of carbon neutrality goals and energy structure transformation [4] - Companies that can provide efficient and intelligent microgrid solutions are likely to gain a competitive advantage in the trillion-dollar market [4]

狮山镇作为粤港澳大湾区重要制造业基地，用电需求旺盛。2024年以来，该镇已立项新型储能项目109 个，总投资约26.51亿元，储能产业集群效应逐步显现。该项目由民企控股、狮山镇国资参股的粤明电 力发展（广州）有限公司主导建设运营，兼顾了国资的稳健与民企的活力。 作为广东首个220千伏电压等级接入主干电网的构网型独立储能电站，该项目承载着电网侧规模化储能 示范与能源转型探索的双重使命。投产后，这座"超级充电宝"将充分发挥调峰调频核心功能，每日提供 400MWh电力调节能力，成为佛山电网的"能源调节器"与"安全稳定器"，为狮山乃至南海制造业高端 化、智能化、绿色化发展提供稳定能源保障，同时也为全省构网型储能技术应用探索先行路径，为实 现"双碳"目标注入强劲动能。 1月8日，粤明狮山200兆瓦/400兆瓦时独立储能项目在佛山市南海区狮山镇松夏工业园正式动工。项目 总投资额6亿元，占地约35亩，配套建设220千伏升压站，计划于2026年9月投入商业化运营。 接下来，狮山将以该储能项目为契机，持续推动储能产业发展，为南海打造电力设备智造千亿产业集 群、实现绿色转型与高质量发展贡献力量。 ...

行业评级：看好（维持） 证券研究报告|行业专题报告 电力设备 2026年1月9日 独储迎来商业化关键节点 规模化发展β或已现 --储能2026年投资策略 证券分析师 姓名：查浩 资格编号：S1350524060004 邮箱：zhahao@huayuanstock.com 姓名：刘晓宁 资格编号：S1350523120003 邮箱：liuxiaoning@huayuanstock.com 姓名：戴映炘 资格编号：S1350524080002 邮箱：daiyingxin@huayuanstock.com 联系人 姓名：豆鹏超 邮箱：doupengchao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 | 1. | 需求：新能源渗透率走高 | 调节资源重要性持续提升 | | --- | --- | --- | | 2. | 国内：现货+容量机制加速完善 | 价值驱动时代或已来 | | 3. | 海外：市场机制愈发完善 | 增量景气市场或继续增加 | | 4. | 产业链：优选格局较优环节 | 重视企业技术升级与转型α机遇 | | 5. | 风险提示 | | 1.1 双碳目标 ...

Core Viewpoint - The restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is approved by the State Council, aiming to enhance market competitiveness and achieve strategic synergies [1][4]. Group 1: Restructuring Details - The restructuring requires further procedures and approvals but is not expected to significantly impact the normal operations of the companies involved [4]. - China Aviation Oil Group is the largest aviation fuel service provider in Asia, serving 258 transport airports and 454 general airports, and has been listed in the Fortune Global 500 for 13 times since 2011 [4]. Group 2: Strategic Benefits - The merger is anticipated to create significant strategic complementarity and synergy, enhancing the overall market competitiveness of both companies [5]. - Sinopec can leverage China Aviation Oil Group's distribution network to expand its market share in aviation fuel and integrate production and sales [5]. - China Aviation Oil Group will gain more stable upstream resource supply, improving its bargaining power in the international aviation fuel market [5]. Group 3: Green Transition - The restructuring aligns with China's "dual carbon" goals, as the civil aviation sector is a key area for achieving these targets, with approximately 99% of carbon emissions from aviation coming from fuel consumption [5]. - Sinopec is focusing on the development of sustainable aviation fuel (SAF) as a critical path for emissions reduction, having made significant advancements in this area since 2014 [5][6]. - The collaboration is expected to reshape the competitive landscape of the traditional energy market and have a profound impact on the green transition of China's aviation industry [6].

Core Viewpoint - The innovative technology developed by the team led by Academician Li Can from the Dalian Institute of Chemical Physics can convert toxic hydrogen sulfide into clean energy and high-value chemical products, marking a significant advancement in addressing environmental pollution from industries such as natural gas and petrochemicals [1][2]. Group 1: Technology Development - The team has developed a proprietary technology for the complete electro-catalytic decomposition of hydrogen sulfide into hydrogen and sulfur, overcoming challenges related to scaling up the engineering process [2]. - This technology utilizes a unique electronic mediation method to conduct chemical reactions in a separate reactor, avoiding issues such as solid sulfur clogging and contamination of electrodes [2]. - The technology has led to the establishment of a pilot demonstration facility in Xinxiang, capable of processing 100,000 cubic meters of hydrogen sulfide annually, producing sulfur with a purity exceeding 99.95% and high-purity hydrogen gas over 99.999% [1][2]. Group 2: Environmental Impact and Applications - Utilizing renewable energy sources to power this technology can significantly reduce pollution while recovering substantial amounts of "green hydrogen," contributing to China's clean and low-carbon energy system and industrial green transformation [3]. - The technology offers a new pathway for the complete elimination and resource utilization of hydrogen sulfide, effectively protecting the ecological environment and providing dual resource recovery benefits through hydrogen and sulfur production [3]. - There is strong potential for this technology to be applied in coal chemical, petrochemical, and oil and gas extraction industries, enhancing the production of clean low-carbon hydrogen [3].

1月8日，经国务院批准，中国石油化工集团有限公司（下称中国石化（600028））与中国航空油料集团 有限公司（下称中航油）实施重组。 业内人士认为，这并非简单的企业合并，而是全球第一大炼油公司与亚洲最大航油服务商的一次历史性 握手。两者的结合，将直接贯通从原油炼化到机场加注的航空燃料全产业链，在保障国家能源安全动脉 的同时，锁定航空业绿色转型的未来钥匙。 强强联手优势互补 中国石化与中航油，就像产业链上的"超级生产者"与"核心主动脉"。中国石化作为全球炼油产能的领跑 者，也是国内航煤生产的头号供应商，2023年其航煤产量超过2600万吨。而中航油则是国内航空油料采 购、储运、加注的绝对主导者，业务覆盖全国各大机场，是连接炼厂与飞机的桥梁。 但长期以来，我国航空燃料产业面临着"生产归生产、销售归销售"的格局，与国际大型一体化能源公司 相比，整体竞争力有待提升。此外，国资委也一直要求央企聚焦主责主业，实现业务资源整合协同。 中国石化与航油集团的整合，正是这一政策导向的具体体现。过去，这两大巨头是紧密的上下游客户关 系。此次重组最直接的驱动力，在于打造一条更坚固、更高效的航空燃料供应链。重组后，中国石化可 借助中国 ...

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: January 9, 2026 [2] Industry Investment Rating - Not provided. Core Views - Soda ash supply increased and inventory accumulated as of January 8, maintaining a weak pattern. The short - term is expected to be volatile and slightly stronger due to macro sentiment and other factors, but the long - term supply - demand contradiction remains unsolved [8][9]. - Glass futures' main contract FG2605 continued to rise on January 8, 2025. Short - term supply contraction may support prices, but high inventory restricts the market, and the upward trend is slow [10][11]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - Supply: As of the week of January 8, the weekly output rose to 753,600 tons, a year - high, with a month - on - month increase of 8.11%. The equipment operation is stable with no maintenance plan [8]. - Demand: This week, the total shipment volume of Chinese soda ash enterprises decreased to 589,200 tons, a month - on - month decrease of 18.99%. The downstream float glass daily melting volume decreased by 300 tons to 151,500 tons, while the photovoltaic glass daily melting volume of 88,500 tons was relatively stable [8]. - Inventory: Affected by logistics during the festival, the factory inventory increased to 1.5727 million tons [8]. - Policy: The Shanxi differential electricity price policy strengthened the expectation of capacity clearance and "anti - involution" policies, accelerating the clearance of ammonia - alkali plants [8][9]. - Outlook: The short - term is expected to be volatile and slightly stronger, but the long - term supply - demand pattern remains unoptimistic without significant export expansion or backward capacity clearance [9]. Glass - Market: On January 8, 2025, the main contract FG2605 continued to rise. The market shipment was good, with obvious inventory reduction in some areas, and prices were boosted by market sentiment [10][11]. - Supply: There is an expectation of supply reduction. The overall inventory is high with obvious regional differentiation [11]. - Outlook: Short - term supply contraction may support the price, but high inventory restricts the market. The upward trend is slow, and there is an expectation of rebound and decline before substantial positive factors appear [11]. 2. Data Overview - The report provides multiple data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data from Wind and iFind [13][18][20]